Is Boston Scientific Trade Over?

Published on Tuesday, 27 July 2010 17:42 Written by Danny Miller

New York, July 27th (TradersHuddle.com) - Shares of Boston Scientific Corporation (NYSE:BSX) ended the trading session lower by $0.05 or -0.84% from its previous close. Boston Scientific's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Boston Scientific Corporation (NYSE:BSX) develops, manufactures, and markets minimally invasive medical device, which are used in interventional cardiology, cardiac rhythm management, and peripheral interventions, mong others.

Boston Scientific's current stock range is defined by calculated support defined at $5.82 and by the resistance level at $6.62, which should be used by traders planning their trades.

Traders wanting to establish a position in Boston Scientific stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Boston Scientific shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: